NOG · Northern Oil and Gas, Inc.

Northern Oil and Gas delivered strong operational performance in Q1 2026, achieving record total production of 148,303 Boe/d, up 10% year-over-year and 6% sequentially, with natural gas output surging 33% to 448,444 Mcf/d due to robust Appalachian volumes and the Joint Ohio Utica acquisition closed in February. Oil production was 73,567 Bbl/d (50% of total), supported by 17.1 net wells added to production. Despite this, GAAP results showed a $522.8 million net loss ($5.31 per share), primarily from a $521.4 million unrealized mark-to-market loss on derivatives and a $268.3 million non-cash ceiling test impairment on oil and gas assets under the Full Cost method, triggered by lower average oil prices. Adjusted metrics painted a healthier picture: $74.7 million Adjusted Net Income ($0.74 per share) and $342.5 million Adjusted EBITDA, though down 21% YoY due to 19% lower realized prices per Boe ($39.13 including settled derivatives) and shifting commodity mix. Oil sales prices averaged $66.32/Bbl unhedged (differential $5.85 to WTI), while gas was $2.50/Mcf amid Permian takeaway constraints. Realized hedge losses were $17.6 million. Costs rose modestly: lease operating at $9.72/Boe (+4% YoY), G&A at $1.74/Boe (elevated by $6.7 million Ohio Utica transaction costs). Capital spending totaled $270.1 million (ex-non-budgeted acquisitions), with normalized well costs falling to $749/lateral foot; Permian 31%, Appalachian 28%, Williston 24%, Uinta 17%. Ground game added 41 transactions, 5,100 net acres, 6.14 net wells for $43.6 million. Balance sheet strengthened with $1.2 billion liquidity post-$227.9 million equity raise (8.3 million shares), reducing revolver draws. CEO Nick O’Grady highlighted improved Williston realizations, hedging protection, and favorable 2027-2028 strips supporting M&A; President Adam Dirlam emphasized Ground Game leasing runway. A $0.45/share dividend underscores cash return commitment amid $30.4 million Free Cash Flow.